In this technical blog, we’re going to take a quick look at the Elliott Wave charts of EURJPY published in the member’s area of the website. As our members knew, we’ve been favoring the long side in EURJPY.
Euro Yen shows an incomplete bullish sequence from 07 March 2022 low favoring the further upside.
The short-term Elliott Wave view in the pair made a rally from March 07, 2022 low is unfolding as a 5 waves impulse Elliott Wave structure and ended 21 April 2022. Up from 21 April 2022, wave 1 ended at 140.000, and a pullback in wave 2 ended at 132.600.
The pullback in wave 2 unfolded as a zigzag structure. Up from wave 1, wave ((a)) ended at 134.800, wave ((b)) ended at 138.300, and wave ((c)) ended at 132.600 which completed wave 2. Wave ((c)) ended at the 100% – 161.8% Fibonacci extension of wave ((a)). This area is denoted as a Celeste box on the chart. Pair has resumed higher in wave 2 and expect any short-term dips to find support in 3, 7, or 11 swings for further upside.
EURJPY 1 Hour Elliott Wave Chart 11 May 2022
EURJPY 1 Hour Elliott Wave Chart 12 May 2022
EURJPY 1 Hour Elliott Wave Chart 06 Jun 2022
EURJPY 1 Hour Elliott Wave Chart 08 Jun 2022
The chart shows buyers did appear in the Celeste box and the EURJPY cross rallied strongly gaining over 1000pips within a few weeks of reaching the Celeste box. It made a new high above April 2022 peak to create an incomplete bullish sequence as well. Members are long from the Celeste box and enjoying nice profits.